The buyer, Meadowview Properties, assumes a $7.45-million mortgage. The remaining proceeds were used to pay down Glimcher's line of credit.
The sale is in keeping with Glimcher's strategy of reducing debt through the sale of non-strategic assets, according to a statement. During 2002, the retail REIT has completed the sale of 18 community shopping centers and three single-tenant assets for an aggregate sale price of $180.9 million.
In addition to community centers, Glimcher owns and operates enclosed regional and super-regional malls and value-oriented mega malls.
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